Istanbul (Not Constantinople) – Global Perspectives On Chemical Markets, Where Change & Transition Are Anything But New!

Key Findings

General Thoughts: We highlight a few takeaways from the ChemOrbis Global Petrochemical Conference, where our discussions ranged from feedstock to downstream supply/demand views across global chemical markets.
Supply Chain/Commodities: The North American and Middle East cost advantages in ethylene production were front-and-center at the conference, as were China’s role in global chemical oversupply and European challenges.
Energy/Upstream: European naphtha has recently fallen to a YTD low relative to LPG, and we discuss the surplus hydrocarbon feedstock for chemicals being a global issue, as it could hinder much-needed sector restructuring.
Sustainability/Energy Transition: We flag the strength in China’s EV exports to Europe ahead of pending tariff legislation, which may take effect later this month – we take a cautious view of protectionist policies against China.
Downstream/Other Chemicals: Global freight rates reflect downward pressure, with the average global freight rate trending toward May 2024 lows, and we also discuss 3M and other chemical and associated market reports.